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By: Adam Stone
October 20th, 2016 07:45am GMT, London UK

Market Recap & Outlook:

Oil prices rally following surprise drop in US inventories.

Wednesday saw the Dollar hold steady against the other major currencies, hovering close to a seven month peak as investors digested the release of mixed US housing sector data. US housing starts dropped to an 18 month low in September, but a rise in the construction of single family homes points to underlying strength in the housing market. The Commerce Department said US housing starts fell unexpectedly by 9.0 percent to reach 1.047 million units last month, compared to the expected increase of 2.5 percent. However, single family homes which make up the largest share of the residential housing market, jumped 8.1 percent in September, pointing to sustained strength in the housing market. The number of building permits issued rose by 6.3 percent to 1.225 million units last month, up from 1.152 million in August .

EUR/USD fell 0.13 percent to trade at 1.0964, while USD/JPY dropped 0.45 percent to 103.36. GBP/USD rose 0.12 percent to trade at 1.2312.

Oil prices rallied on Wednesday October 19th, following a report from the US Energy Information Administration which showed an unexpectedly large reduction in US oil inventories. The EIA said Crude oil inventories fell by 5.2 million barrels last week, compared to forecasts for a stockpile build of 2.7 million barrels. Total US crude oil inventories stood at 468.7 million barrels as of last week.

US crude was up $1.21/2.55 percent at $51.55 a barrel, while global benchmark Brent futures were trading at $52.73 a barrel, up $1.02/1.82 percent.

Gold prices held onto solid gains on Wednesday, as mixed data from the US housing market kept pressure on the Dollar. Gold for December delivery was trading at $1,271.85 a troy ounce, up $9.05/0.7 percent.

EUR/USD: A binary Call option coincides with the trend, seen below.
eurusd Binary Options Insights for October 20th 2016

USD/JPY: A binary Call option coincides with the trend, seen below.
usdjpy Binary Options Insights for October 20th 2016

GBP/USD: A binary Put option coincides with the trend, seen below.
gbpusd Binary Options Insights for October 20th 2016

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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